New Primary Home in Panama City Beach, Fl.
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $380,000
Cash invested: $65,000
Beating a $1M proof of funds and an uncapped escalation clause by waiving inspection, I was able to get this gem as a primary appraising $15k to my favor BEFORE my rehab will add another $25k equity.
What made you interested in investing in this type of deal?
Location and floor plan
How did you find this deal and how did you negotiate it?
First day on market, wrote a killer offer and knew how to position as a local.
How did you finance this deal?
10% down income statement loan.
How did you add value to the deal?
Rehabbed in 10 days - ceiling scraped, new flooring, trim, counters, paint, doors, fixtures, lighting, vanities.
What was the outcome?
Gorgeous new primary with a pool for my boys this summer!
Lessons learned? Challenges?
Lending is always the challenge. So. Much. Paperwork. Good thing my assistant is the bomb!